Bought a house in 2007 and lived in it till 2012….converted to a rental….sold in 2022….
*purchase price $507,000 in 2007 plus $20000 in capital improvements prior to renting
*sold in 2022 for $850000 minus $80000 in selling expenses
so turbo tax brings in from 2021 a cost of $425,000 and a land value of $250000…..so it is using the difference as a basis? Since I had a gain I feel the basis should be the 507,000 plus improvements? Thanks
